Indiana survives leadership spill

A day after the Takeovers Panel put restrictions on the voting power of a group of shareholders in Indiana Resources, the same group has withdrawn plans to seek a board restructure vote at an upcoming general meeting.

Perth-based Indiana, formerly known as IMX Resources, said today it had been notified by BPM Capital that the shareholder had withdrawn its requests that resolutions be put to the company’s shareholders for the removal of Campbell Baird and Derek Fisher as directors, to be replaced by Brett Montgomery and Heidi Brown.

Mr Montgomery and Ms Brown have also withdrawn their consents to act as directors of Indiana.

“As the meeting was called under section 249D of the Corporations Act, the meeting will still be held, however, in light of the withdrawal of the requisition notice, no resolutions will be put to shareholders and no voting will take place,” Indiana said.

Yesterday, the Takeovers Panel restricted Mr Montgomery and BPM Capital from voting more than 20 per cent of their shares in Indiana after the company argued that they were related parties and held a combined stake of over 20 per cent, above the threshold where a takeover offer would be required.

The proposed leadership spill was announced last week, on the same day Indiana revealed local businesswoman Bronwyn Barnes as its new char.

Indiana shares jumped on the news, rising as much as 16 per cent in early trade. At 11am, they were 12 per cent higher to 14 cents each.